It says the bank's at-risk assets, called 'adversely classified' in the banking business-- soared from 1.6 million in 2006 to more than 75 million in 2009.

In the suit, the FDIC says the men ignored repeated warnings by regulators-- and their own employees-- about its high risk real estate portfolio. And the suit says it took them more than three years to set up a credit underwriting department.

"Prior to that time, the defendants regularly approved loans and loan renewals based on borrowers' and guarantors' incomplete, outdated and unverified financial information on which defendants required little or no credit analysis," the suit reads.

All five men are being represented by Atlanta-based attorney Bard Brockman.

He says the men who ran Wakulla Bank will fight this lawsuit and defeat the FDIC. He says he does not yet have access to all the data and documents so he cannot comment on any specifics, but Brockman said the virtual collapse of the real estate market is highly relevant here-- especially in coastal areas like Wakulla County.

A spokesman for the FDIC says it has filed 69 lawsuits like this against the officers and directors of failed banks since 2008. It has authorized 120 such lawsuits and more are expected.

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